Jordan Kuwait Bank (JKB) has recently collaborated with CRIF ITS Jordan to support its strategy of enhancing SME financing tools in Jordan and the region. Through this agreement, CRIF ITS will partner with the Bank to improve the newly launched SME portal by implementing a robust decision-making and eligibility check process, leading to a more efficient lending experience.
Mr. Zuhdi Al-Jayyousi - Chief Business Officer at Jordan Kuwait Bank, and Mrs. Areej Obeidat - Branch Manager at CRIF ITS Jordan, signed the agreement at Jordan Kuwait Bank’s Headquarters.
Mr. Al-Jayyousi remarked, "Our collaboration with CRIF will enable us to transform the concept of instant finance into a tangible solution for numerous small and medium enterprises (SMEs). This initiative will provide SMEs with a faster, more transparent, and dependable method to apply for and obtain loans. At Jordan Kuwait Bank, we recognize the vital role that MSMEs play in driving economic growth and innovation.”
Mr. Zuhdi added: “The introduction of a scoring system will significantly benefit MSMEs by providing a clear, data-driven assessment of their creditworthiness, enabling quicker loan approvals and better access to financing, empowering MSMEs to grow and thrive. Data analysis is critical for MSMEs as it offers insights into their financial health, operational efficiency, and market opportunities, allowing for more informed decision-making and strategic planning. Jordan Kuwait Bank's expertise in data analysis will enhance the accuracy and reliability of the scoring system, ensuring that MSMEs receive fair and timely evaluations.”
As a remark, Jordan Kuwait Bank has been honored as "Best SME Bank" award for 2024 by Euromoney. This recognition underscores the Bank's exceptional efforts in catering to the needs of the small and medium-sized enterprise (SME) sector, additionally, JKB has been awarded as "Best SME Bank in Jordan" for 2024 by Global Banking & Finance Awards magazine.
Commenting on the partnership, Mrs. Areej Obeidat said, "At CRIF, we are committed to supporting the Jordanian banking sector by understanding the challenges that businesses encounter. Given the economic uncertainty in obtaining financing, small business owners deserve an improved experience when applying for funding. Through our collaboration with Jordan Kuwait Bank, we are facilitating the instant lending process by making decisioning easier and faster."
This initiative is vital for Jordan as it aims to bolster the economy by supporting the backbone of the business sector - MSMEs. By improving access to finance, the collaboration will drive innovation, create jobs, and contribute to sustainable economic development in the country.
